JPMorgan Chase & Co. Acquires 27,874 Shares of CNB Financial Co. (NASDAQ:CCNE)

JPMorgan Chase & Co. grew its holdings in CNB Financial Co. (NASDAQ:CCNE - Free Report) by 17.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 183,675 shares of the bank's stock after acquiring an additional 27,874 shares during the period. JPMorgan Chase & Co. owned about 0.88% of CNB Financial worth $4,566,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC acquired a new position in shares of CNB Financial in the 4th quarter valued at approximately $203,000. SG Americas Securities LLC grew its holdings in CNB Financial by 17.4% during the 4th quarter. SG Americas Securities LLC now owns 8,808 shares of the bank's stock worth $219,000 after acquiring an additional 1,305 shares in the last quarter. Summit Global Investments bought a new position in shares of CNB Financial during the fourth quarter worth about $247,000. Los Angeles Capital Management LLC acquired a new position in CNB Financial in the fourth quarter worth about $285,000. Finally, Franklin Resources Inc. increased its holdings in shares of CNB Financial by 95.1% in the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank's stock valued at $530,000 after acquiring an additional 10,737 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company's stock.

CNB Financial Stock Performance

NASDAQ:CCNE remained flat at $21.80 during mid-day trading on Wednesday. 21,062 shares of the company traded hands, compared to its average volume of 58,121. The stock's 50 day moving average is $22.83 and its 200 day moving average is $24.80. CNB Financial Co. has a 12-month low of $18.60 and a 12-month high of $29.29. The stock has a market capitalization of $457.36 million, a PE ratio of 9.16 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. The business had revenue of $57.55 million during the quarter, compared to analysts' expectations of $54.05 million. CNB Financial had a net margin of 14.97% and a return on equity of 10.24%. As a group, equities research analysts anticipate that CNB Financial Co. will post 2.04 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Friday, February 28th. CNB Financial's payout ratio is 30.90%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Stephens assumed coverage on shares of CNB Financial in a report on Monday, April 14th. They issued an "overweight" rating and a $26.50 price objective for the company. StockNews.com cut shares of CNB Financial from a "buy" rating to a "hold" rating in a report on Friday, February 14th. Finally, Keefe, Bruyette & Woods lowered their target price on CNB Financial from $27.00 to $25.00 and set a "market perform" rating for the company in a report on Wednesday, April 16th.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.